"I learned the investment business largely from the work and
thinking of other investors. The Art of Value Investing is a
thoughtfully organized compilation of some of the best investment
insights I have ever read. Read this book with care. It will be one
of the highest-return investments you will ever make."

Based on interviews with the world's most-successful value
investors, The Art of Value Investing offers a comprehensive
set of answers to the questions every equity money manager should
have thought through clearly before holding himself or herself out
as a worthy steward of other people's money. What market
inefficiencies will I try to exploit? How will I generate ideas?
What will be my geographic focus? What analytical edge will I hope
to have? What valuation methodologies will I use? What time horizon
will I typically employ? How many stocks will I own? How
specifically will I decide to buy or sell? Will I hedge, and how?
How will I keep my emotions from getting the best of me?

Who should read The Art of Value Investing? It is as
vital a resource for the just starting out investor as for the
sophisticated professional one. The former will find a
comprehensive guidebook for defining a sound investment strategy
from A-to-Z; the latter will find all aspects of his or her
existing practice challenged or reconfirmed by the provocative
thinking of their most-successful peers. It also is a must read for
any investor – institutional or individual – charged
with choosing the best managers for the money they are allocating
to equities. Choosing the right managers requires knowing all the
right questions to ask as well as the answers worthy of respect and
attention – both of which are delivered in The Art of
Value Investing.

JOHN HEINS is the cofounder and President of Value Investor Media, Inc., a media company founded in 2004 to provide investing ideas and insight to sophisticated professional and individual investors, and Editor-in-Chief of Value Investor Insight and SuperInvestor Insight. Previously, Mr. Heins was President and Chief Executive Officer of Gruner + Jahr USA Publishing, Bertelsmann AG's U.S. magazine subsidiary, Senior Vice President and General Manager of America Online's Personal Finance business, and a reporter and staff writer for Forbes magazine. He graduated magna cum laude from the University of Pennsylvania's Wharton School with a bachelor's degree in Economics and also holds an MBA from Stanford University's Graduate School of Business.

WHITNEY TILSON is the cofounder of hedge funds Kase Capital and T2 Partners, the Tilson Mutual Funds, Value Investor Media, Inc. and the Value Investing Congress. He coauthored the book, More Mortgage Meltdown: 6 Ways to Profit in These Bad Times, is a CNBC Contributor, has written for Forbes, the Financial Times, Kiplinger's, the Motley Fool and TheStreet.com, and was one of the authors of Poor Charlie's Almanack, the definitive book on Berkshire Hathaway Vice Chairman Charlie Munger. He was one of five investors included in SmartMoney's 2006 "Power 30," and was named by Institutional Investor in 2007 as one of "20 Rising Stars." Previously, Mr. Tilson was a founding member of Teach for America and the Initiative for a Competitive Inner City, and was a consultant at The Boston Consulting Group. He received an MBA with High Distinction from the Harvard Business School and graduated magna cum laude from Harvard College with a bachelor's degree in Government.

“John Heins and Whitney Tilson, co-founders of the Value
Investor Insight newsletter, have done a thorough job of explaining
how to look for stocks that are trading at significant discounts to
what they are worth — the concept known as the value style of
investing.…the authors present a clear framework for
ferreting out undervalued companies.”
—The New York Times

“[The Art of Value Investing] is packed with
invaluable insights and is relevant to both the novice and the
experienced investor. …This book provides a valuable
contribution to the industry literature on value investing. It is
well written, well organized, and quite enjoyable. The Art of
Value Investing should be read by all investors who are
seriously interested in enhancing their understanding of this
important field.”
—CFA Institute Book Review

Connect with Wiley Publicity

Based on interviews with the world's most-successful value investors, The Art of Value Investing, by John Heins and Whitney Tilson, offers a comprehensive set of answers to the questions every equity money manager should have thought through clearly before holding himself or herself out as a worthy steward of other people’s money. What market inefficiencies will I try to exploit? How will I generate ideas? What will be my geographic focus? What analytical edge will I hope to have? What valuation methodologies will I use? What time horizon will I typically employ? How many stocks will I own? How specifically will I decide to buy or sell? Will I hedge, and how? How will I keep my emotions from getting the best of me?

Authors Tilson and Heins have delegated the task of providing answers to such questions to the experts: the market-beating money managers to whom they’ve had unparalleled access as the co-founders of leading investment newsletter Value Investor Insight. That includes such hudgefund superstars as Julian Robertson, Seth Klarman, Leon Cooperman, David Einhorn, Bill Ackman and Joel Greenblatt, as well as mutual-fund luminaries including Marty Whitman, Mason Hawkins, Jean-Marie Eveillard, Bill Nygren and Bruce Berkowitz.

Who should read The Art of Value Investing? It is as vital a resource for the just-starting-out investor as for the sophisticated professional one. The former will find a comprehensive guidebook for defining a sound investment strategy from A-to-Z; the latter will find all aspects of his or her existing strategy challenged or reconfirmed by the provocative thinking of their most-successful peers. It also is a must-read for any investor – institutional or individual – charged with choosing the best managers for the money they are allocating to equities. Choosing the right managers requires knowing all the right questions to ask as well as the answers worthy of respect and attention – both of which are delivered in The Art of Value Investing.

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